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PH plc operates a modern factory that changes chemicals into fertilizer. Due to the the demand for its product is seasonal, the company expects that there will be an average level of idle time equal to 20% of hours paid. This is incorporated into the companyís standard costs, and the standard labour rate of Rs.6.00 per hour paid is then adjusted accordingly. Any difference among the expected and the original amount of idle time is reported as the ëidle time varianceí and is valued adjusted wage rate.
(a) Measure the idle time variance and the efficiency variance for April.
(b) (i) Using the data provided and your answer to (a) above as appropriate, prepare a percentage variance chart that determine the trend of these variances. (Use graph paper and show both variances on the similar chart.)
(c) Explain shortly the factors that should be considered before deciding to investigate a variance.
Cube Manufacturing began two jobs during May 200X. The company had no beginning inventory. The following information is available:
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The following information is available for the automotive division of Ford Motor Company for 2009. The company uses the LIFO inventory method.
Mr. Homer Simpson, President and Chief Executive Officer of Duff's Beer Making Supplies Inc. recently hired you as the new budget analyst for his company. As your first duty, he h
The beginning inventory balances of Item X on August 1 and the purchases of the item during the month of August were as follows: August 1 Beginning Inventory 600 units @ $10.00
what is the different between Financial accounting and management accounting?
The principle that (1) requires revenue to be recognized at the time it is earned, (2) allows the inflow of assets associated with revenue to be in a form other than cash and (3) m
What are the basic characteristics of a relevant cost? Why are future costs not always relevant? Are all relevant costs found in accounting records?
Absorption Costing The process described in this section by that net overheads are absorbed into production naturally enough is identified as absorption costing. The absorpti
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